摘要
本文以2012—2021年中国A股上市公司为研究样本,实证检验了商业信用融资对企业创新的影响。研究发现,商业信用融资水平的提高能显著促进企业创新质量的提升,并且该结论得到各种稳健性检验结果的支持。进一步通过细分样本分析,发现商业信用融资对企业创新质量的影响表现出较强的异质性,对成熟期企业、非国营企业以及非高科技企业的创新具有显著促进作用,而对成长期企业、国营企业以及高科技企业的创新并无显著影响。本文认为加强企业商业信用融资能力,能在更广泛的意义上激励企业创新,这为相关部门思考如何提升企业创新动力和建设创新型国家提供新的视野。
This article uses Chinese A-share listed companies from 2012 to 2021 as research samples to empirically test the impact of commercial credit financing on corporate innovation.Research has found that the improvement of commercial credit financing level can significantly promote the improvement of enterprise innovation quality,and this conclusion is supported by various robustness test results.Further analysis of segmented samples reveals that commercial credit financing exhibits strong heterogeneity in its impact on the quality of corporate innovation,significantly promoting innovation in mature enterprises,non-state-owned enterprises,and non high-tech enterprises,while having no significant impact on innovation in growth stage enterprises,state-owned enterprises,and high-tech enterprises.This article believes that strengthening the commercial credit financing capacity of enterprises can stimulate innovation in a broader sense,providing new perspectives for relevant departments to think about how to enhance the innovation motivation of enterprises and build an innovative country.
作者
胡杰
Jie Hu(School of Economics and Management,East China JiaoTong University,Nanchang,Jiangxi,330000,China)
关键词
商业信用
企业创新
Commercial Credit
Enterprise Innovation
